Hong Kong Retiree Loses Over $800,000 in Triple Crypto Scam

A retiree lost $840,000 after falling for a series of crypto investment and 'recovery' scams initiated on WhatsApp. Authorities warn of rising fraud.

According to reports, the initial contact occurred in September 2025 via WhatsApp.

An individual posing as a “virtual asset expert” promised stable profits and convinced the victim to invest. The retiree transferred approximately $180,000 and deposited crypto assets into a wallet controlled by the scammer, who subsequently disappeared.

Scams Escalate Through Fake Recovery Services

The initial loss became the starting point for a series of follow-up frauds.

In an attempt to reclaim the lost funds, the victim contacted a second alleged specialist found online. This individual demanded a $75,000 “guarantee fee” for assistance. Once the payment was made, all communication ceased.

In January, a third scammer reached out via WhatsApp, offering to recover all previous losses. To facilitate this, they required the purchase and transfer of cryptocurrencies worth $585,000 to a specified address. After the transfer was completed, the funds vanished once again.

CyberDefender warns that unsolicited messages, along with promises of “guaranteed profits” or “insider information,” are among the most common signs of a scam. “There are no second chances in life, but scams can have a third,” the unit noted.

This case reflects a broader trend of rising crypto crimes. Losses related to Web3 platforms reached approximately $3.95 billion in 2025, according to cybersecurity firm Hacken, with a significant portion attributed to compromised keys and coordinated attacks.

Authorities worldwide are reporting a surge in investment fraud, phishing campaigns, and fake crypto projects targeting both individual investors and institutional participants.